Anyone who has been a company director or who has been self employed, landlord, have untaxable income at any time between the 6th of April and the 5th April of the next year will have to complete a self-assessment tax returns form.
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You can be self employed as an individual or continue to provide services through a personal limited company. Sole traders who own a company in its entirety, which means that once tax is calculated, all the profits remain with the company unless money is withdrawn as salary or dividends. Please seek professional advice if you fall within IR35 regulations.
Tax Returns Individuals
If you are a sole trader or partner or company director or if you are employed having income more than £100k or if you believe that you owe HMRC income tax on your private pension or any untaxed income as an individual you must register with HMRC for tax return. If you are working as contractor or providing services under limited company you will be register for self assessment as director of the company.
Completing your self-assessment tax return individuals may get into a long and stressful process and can take a great deal of time out of your busy schedule, especially if you are self-employed. Using the services of a skilled accountancy firm like The Accountancy Solutions, you can be confident that your finances are in safe hands and that your tax return will be completed accurately and in a timely manner so that you won’t be penalised for late submission.
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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
Self Assessment Tax
Frequently Asked Questions
Most frequent questions and answers
You should file a tax return as an indvidual, if you are employed with more than £100k salary, have multiple jobs or sources of income etc. There is a long list to follow.
We can help you top do your yeraly compliance by calculatin and filling your tax returns in advance and well before time to give you ample time to pay any out standing tax.
Its difficult to give a generic quote as we would like to know what type of income you have as individual and how much time we will spend on your particuar Tax Returns Individuals.
HMRC will charge you an initial penalty of £100.00 and then after three months, they will start charging £10.00 daily penalty. An additional penalty of £300.00 or 5% of tax will be charged after six months.
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If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.